A Filipino man walks past the electronic board showing a downward trend among major Asian markets during trading at the Philippine Stock Exchange at the financial district of Manila on Wednesday. (AP photo)
Southeast Asian stock markets plunged on Wednesday after Republican Donald Trump’s shock victory in the US presidential election, with Philippines dipping to its lowest since May 10, when Rodrigo Duterte was elected president.
Stocks across the world dived in disbelief over Trump’s win, that many reckon could trigger global political disorder.
Most polls had predicted that rival Democrat Hillary Clinton would win.
Philippine stocks posted a near six-month closing low, paced by declines in consumer stocks and financials.
Ralph Christian Bodollo, an equity research analyst with Manila-based RCBC Securities, said Trump’s victory would be negative for risk assets.
BPO services provider Ayala Corp recorded its biggest intraday loss in over a year, while Megaworld Corp, which leases property to BPO enterprises, touched its biggest intraday percentage loss since Jan 20.
Analysts had expressed concerns for Philippine BPO businesses if Trump were to be elected.
“Trump has always said ‘Make America great again’, so I guess there is a concern we might lose those outsourcing jobs,” said April Lee-Tan, Vice President, COL Financial Group.
Singapore, Indonesia and Malaysian stocks lost around 1% each, with energy stocks performing poorly across the board on weakened oil prices.
While Indonesia saw its biggest intraday percentage loss since the Brexit vote, shares of firms controlled by Trump’s Indonesian business partner gained.
Trump has a partnership with Indonesian tycoon Hary Tanoesoedibjo, whose PT MNC Investama Tbk surged 15.9%.
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